Daily Financial Regulation Update -- Saturday, November 13, 2021

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PH Client Alerts

Click here to read more from our Coronavirus series.

Congress

Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), Enacted March 27, 2020.

Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.

Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.

Click here to view the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.

Click here to view the full text of the American Rescue Plan of 2021, Enacted March 11, 2021.

Click here to view the full text of the PPP Extension Act of 2021, Enacted March 30, 2021.

Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.

Federal Agencies

Federal Reserve Bank of New York

U.S. Economy in a Snapshot

November 12, 2021

The Federal Reserve Bank of New York published its monthly U.S. Economy in a Snapshot.

• Snapshot
• Overview

International

European Commission

Digital Economy and Society Index 2021: Overall Progress in Digital Transition but Need for New EU-Wide Efforts

November 12, 2021

The European Commission published the results of the 2021 Digital Economy and Society Index (DESI), which tracks the progress made in EU Member States in digital competitiveness in the areas of human capital, broadband connectivity, the integration of digital technologies by businesses and digital public services. The DESI 2021 reports present data from the first or second quarter of 2020 for the most part, providing some insight into key developments in the digital economy and society during the first year of the COVID-19 pandemic. However, the effect of COVID-19 on the use and supply of digital services and the results of policies implemented since then are not captured in the data, and will be more visible in the 2022 edition.

• Digital Economy and Society Index
• Questions & Answers
• Country performance in digital
• Data Visualization Tool
• DESI 2021 methodology
• 2021 PREDICT Key Facts report
• Communication
• Press Release

European Banking Authority

The EBA Sets First Examination Program for Resolution Authorities

November 12, 2021

The European Banking Authority published a European Resolution Examination Program for 2022, which identifies key topics for resolution authorities' attention across the European Union.

• Examination Program
• Press Release

The EBA Sets Examination Program for Prudential Supervisors for 2022

November 12, 2021

The European Banking Authority published the European Supervisory Examination Program (ESEP) for 2022, which identifies key topics for supervisory attention across Europe. The ESEP is aimed at informing prudential supervisors' planning processes and shaping their supervisory practices.

• Examination Program
• Press Release

Bank of England

Paper: Credit, Crises and Inequality

November 12, 2021

The Bank of England published a staff working paper titled, "Credit, Crises and Inequality."

• Staff Working Paper

UK Financial Conduct Authority

Statement: Digital Regulatory Co-operation Forum Inquiry

November 12, 2021

The House of Lords Communications and Digital Committee Inquiry into Digital Regulation published a statement in response to the Financial Conduct Authority's presentation of evidence on November 2, 2021.

• Press Release
• Statement

Administration Changes

Appointments/Confirmation Hearings

U.S. Department of the Treasury - Janet Yellen (effective January 26, 2021)

Consumer Financial Protection Bureau - Rohit Chopra (effective October 12, 2021)

• Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
• CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)

Securities and Exchange Commission - Gary Gensler (effective April 17, 2021)

Small Business Administration - Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission

• Acting Chair: Rostin Behnam (January 21, 2021)
• Rostin Behnam, Nominee for Chair and Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
• Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
• Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)

Financial Crimes Enforcement Network

• FinCEN Announces Acting Director and New Deputy Director (April 2, 2021)

National Credit Union Administration - Todd M. Harper

U.S. Department of Housing and Urban Development - Marcia Fudge (effective March 10, 2021)

• Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)

Federal Housing Finance Agency

• Acting Director: Sandra. L. Thompson (June 23, 2021)
• Statement by House Committee on Financial Services Chair Maxine Waters Endorsing Nomination of Sandra L. Thompson as Director of FHFA (September 17, 2021)

U.S. Department of Education - Dr. Miguel Cardona (effective March 2, 2021)

• Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
• Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)